Alcohol consumption and related problems are common among college students. Prior research links behavioral economic (BE) constructs of alcohol demand and relative reinforcement (RR), and alcohol expectancies, with alcohol consumption/problems. However, research has yet to examine the associations between BE, expectancy theory, and alcohol use outcomes. In this study, college students (n = 287) completed a single online survey assessing demand, RR, alcohol expectancies, and alcohol use/problems. We examined the cross-sectional indirect association of expectancies and drinking on the relationship between demand and alcohol problems and between RR and alcohol problems. The final model showed adequate fit, X[superscript 2](26) = 67.23, RMSEA = 0.07, CFI = 0.95, SRMR = 0.06. Higher demand and RR were associated with stronger alcohol expectancies, which demonstrated an indirect association on the relationship between demand, and RR, and alcohol problems. Findings suggest that demand and RR may be directly related to alcohol expectancies; a relationship that has not been previously identified. Moreover, alcohol expectancies may impact the associations among demand, RR, and alcohol problems. Thus, alcohol expectancies may be an important intervention target for reducing alcohol problems. Future longitudinal research is needed to evaluate this association over time and assess if these findings have potential impact for intervention research.